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IN TOO DEEP Analysis for Institutional Investors of Critical Water Security Issues Facing the Metals and Mining Sector

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IN TOO DEEP Analysis for Institutional Investors of Critical Water Security Issues Facing the Metals and Mining Sector IN TOO DEEP Analysis for institutional investors of critical water security issues facing the metals and mining sector CDP Metals and Mining Report 2019 CONTENTS 4 About this report 4 Key findings 5 Introduction 6 A history of financial impacts 8 Operating in this sector remains risky business 9 Mitigation costs are likely to rise 10 The tailings dam issue 12 The evolution of water risk mitigation strategies 15 Conclusion 16 References 18 Appendix I – Engagement topics per company analyzed To read 2018 company responses in full and to access a database of tailings dam data, please access CDP’s Investor Portal Important Notice The contents of this report may be used by anyone providing acknowledgment is given to CDP Worldwide (CDP). This does not represent a license to repackage or resell any of the data reported to CDP or the contributing authors and presented in this report. If you intend to repackage or resell any of the contents of this report, you need to obtain express permission from CDP before doing so. CDP has prepared the data and analysis in this report based on responses to the CDP 2018 information request. No representation or warranty (express or implied) is given by CDP as to the accuracy or completeness of the information and opinions contained in this report. You should not act upon the information contained in this publication without obtaining specific professional advice. To the extent permitted by law, CDP does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this report or for any decision based on it. All information and views expressed herein by CDP is based on their judgment at the time of this report and are subject to change without notice due to economic, political, industry and firm-specific factors. Guest commentaries where included in this report reflect the views of their respective authors; their inclusion is not an endorsement of them. CDP, their affiliated member firms or companies, or their respective shareholders, members, partners, principals, directors, officers and/or employees, may have a position in the securities of the companies discussed herein. The securities of the companies mentioned in this document may not be eligible for sale in some states or countries, nor suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates. ‘CDP Worldwide’ and ‘CDP’ refer to CDP Worldwide, a registered charity number 1122330 and a company limited by guarantee, registered in England number 05013650. © 2019 CDP Worldwide. All rights reserved. 2 3 ABOUT THIS REPORT INTRODUCTION CDP has been collecting water-related data from companies across the metals and mining Companies involved in the extraction, refining, processing and supplying of minerals are sector for more than a decade. Here we present five year trend analysis of corporate water “on the front line” in the struggle for a water secure future. For companies in the metals security data from 54 of the world’s largest listed mining companies. These companies and mining sector, no water means no business. Access to water and the ability to store have a total market capitalization of US$1.04 trillion and employ 1.8 million people and discharge it, are critical factors in all mining developments and operations, making this worldwide. sector one of the most water intensive. This report builds on a sectoral study published by CDP in 2013 – short and long-term resilience. In order to facilitate effective dialogue Principally, water is used to extract the raw material from the ground, The water-related decisions these companies take also have Metals and Mining: A Sector Under Water Pressure. Here we analyze and engagement between investors and companies, we have to extract the desired element from the raw material and in the implications for those financial institutions fuelling them. It is perhaps 5 the evolving implications of water security3 for the sector, shedding provided a snapshot of each company response in Appendix I. CDP transport and storage of excess slurry among other processes . In unsurprising therefore, that water management has emerged as one light on how these companies continue to be affected by water- extends its thanks to the Alcoa Foundation, which made this study the United States for example, the U.S Geological Survey estimates of the preeminent sustainability issues within the sector and one related issues and how they are responding, in order to build both possible. the sector represents 1% of total countrywide withdrawals and in receiving greater levels of investor scrutiny. The recent tailings dam some states, such as Texas, as much as 28%6. This high dependency disasters in Brazil, which have devastated local freshwater resources means that future business growth depends increasingly on having in addition to the communities dependent upon them, demonstrates access to adequate volumes of water, something that can no longer in stark terms, the financial implications of poor governance. — Vale be guaranteed in many regions. Mining operations can also produce (VALE3 BZ) lost a quarter of its market capitalization — or nearly US$19 significant volumes of water, either through the ‘dewatering’ of billion — since its tailings dam collapse in January of 2019, killing KEY FINDINGS mines to access minerals below the water table or as a by-product more than 230 people8, Brazil’s most deadly mining accident9. While of extraction or processing. This water can be highly acidic and worsening water security did not lead to the failure of the dams, contain toxic amounts of metals or other pollutants which need to it was one of a number of devastating consequences. Worryingly, be disposed of safely and in adherence to local regulations7. The another dam operated by Vale, just 60km from the previous disaster Disclosure and transparency amongst companies in this sector has stagnated potential for this sector to detrimentally impact water quality – both is on the brink of collapse, threatening the lives and livelihoods of 10 { 5 years on from our last report on the sector, just 21 more companies disclose business critical water-related ground and surface water — is high, posing a significant risk to a some 30,000 residents in the town of Barão de Cocais . data to investors. In 2018, more than half (52%) of those requested chose not to disclose. A full list can be found in companies licence to operate. In 2018, CDP introduced sector specific questionnaires for high Appendix I. Tied to vast, local mineral reserves, companies in this sector do not impact sectors including food, beverage and tobacco, metals and have the luxury of transferring their operations to less challenging, mining, oil and gas, electric utilities and chemicals. For the metals more water secure environments. As such, they must work to align and mining sector, CDP is now able to provide investors with deeper Operating in this sector remains risky business and adapt their practices and procedures with the environmental insights into the number of tailings dams a company has in its constraints and objectives of the countries and communities housing control, along with the associated management processes and { In 2018, the majority of respondents (91%) reported exposure to water-related risks with an estimated financial them. The decisions they make about how to exploit these reserves, procedures in place to mitigate the inherent risks associated – the 4 impact totaling US$24.9 billion - 6% of the responding companies market capitalization . These risks are of will make or break a countries ability to achieve its water-related and only publicly available global repository of such information. immediate concern with the majority (61%) of the risks reported expected to materialize over the next three years. other sustainability and economic development goals. Some risks, such as those from tailings dam failures and pollution liabilities appear to be overlooked. Over the last five years, the sector has been disproportionately impacted by water-related issues { In 2013, CDP analysis indicated that water security issues were already affecting the financial performance of responding companies. Analysis suggests that the situation remains the same, with just under half of respondents (44%), on average, having already suffered water-related financial losses amounting to US$11.8 billion over the last five years. This is disproportionately high compared with the cross-sector average of 27%. Companies must ensure that water security issues are meaningfully embedded into corporate governance and strategy { Moving risk mitigation from reactionary site-specific interventions to enterprise-wide strategic decision making is an imperative to mitigate risk and ensure business continuity. It’s disappointing therefore that only 39% of respondents have board level oversight of water issues; integrate water into long term business objectives and have a publicly available water policy in place. Tailings dam failures have catastrophic impacts on water security for people, places and profit { Avoiding tailings dam failures is a necessary requirement for improved water security and business continuity. For the first time, CDP is able to provide data and insight into the ways in which mining companies are responding to and managing tailings dam failure risk. A total of 806 tailings dams, either in operation or inactive, spanning 42 countries, were reported through CDP in 2018. And yet, our analysis indicates that just 26% (10) of respondents have any form of C-suite approval for tailings dams risk management procedures. 4 5 A HISTORY OF FINANCIAL IMPACTS In 2013, CDP analysis indicated that water security issues Figure 1. % of companies reporting water-related financial impacts and associated financial values in US$ were already affecting the financial performance of Source: CDP water security data 2013 - 2018 US$ responding companies.
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